Imagine getting the worst possible version of BBB
FFS owe feds 7k and state 3k how do I fuck this up like every year
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I’m just here to bitch about Ohio’s “Commercial Activity Tax”. How the fuck is there a tax based on gross receipts? You can lose money and still owe Ohio a pretty penny for the pleasure of doing business in the state. It’s complete with all the necessary loopholes and exemptions for mega corporations of course.
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Ohio is truly fucking amazing. GOP controls everything and the tax burden is still outrageously high. There is zero corresponding benefit in terms of services because actual rich people are exempt from all these taxes and they do laughably corrupt shit like give First Energy a billion dollars in exchange he for like $200k in bribes.
The new 1099-K reporting rules are insanely regressive and burdensome, and even though the IRS pushed a December memo delaying the new $600 online marketplace reporting requirements, plenty of scumbag operations like eBay and Reverb are sending them this year anyway. The best part is that they report gross sales, and good luck at getting someone at eBay to respond if they fuck up and report the wrong amount.
Let’s say you sell an old drill press for $2,000. After $300 in evilBay fees and $200 in shipping it’s $1,500 net to you, so that means hours of tedious rat fucking with Form 8949 / Schedule D right off the top to avoid getting auto-fucked. The other thing is that you didn’t actually have income of $1,500 here and probably bought this brand new twenty years ago for $3,000–it’s actually being sold for a loss, but good luck proving that without a bunch of paperwork you probably don’t have. If we can shake down enough of these Joe the Plumbers doing garage sales and lemonade stands we may be able to claw back some of the owed taxes billionaires refuse to pay.
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this is exactly why i stopped using venmo/paypal/sportsbetting apps. not worth the risk of the irs thinking you made $30k in income when you really lost money or broke even. if i have the urge to make a bet i just make the 20 minute drive to the physical sportsbook now.
It’s really disgusting thinking about how much revenue they’re gonna make off of people who have zero real tax liability. It’s gonna be a surprise to a lot of people judging by the number of forum posts on gear trading sites I’m on, and most of them will probably just say fuck it and pay the $250 or w/e.
Looks like I need to buy Turbo Tax Premier for 90 damn dollars this year to report my crypto losses
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Tax question, not expecting legal advice just curious if anyone has encountered this
I have a HDHP through work that comes with an HSA, to which the firm normally contributes $500/yr. I live with my GF but we are not married. Due to cohabitation I’m able to claim her as a domestic partner per my firm’s health insurance policy, so she is on my health insurance. This means that I get $1k/yr to the HSA, $500 for each of us.
Does this mean we can spend money from the HSA on her qualified health expenses, or is that still a no-no because she’s neither my dependant nor my spouse in the eyes of the IRS?
I wonder how far away we are from having an AI chatbot capable of thoroughly comprehending our tax code and accurately answering a question like this. It seems like an ideal application, if it’s possible.
Not sure, but I would think you can’t use it for her expenses. She can probably have her own HSA though.
Pretty sure yes since your partner is on your health plan if and only if your partner does not also have a separate second HSA. I believe this also applies to spouses. It avoids double dipping. But your partner also needs to be your tax dependent. If they filed a separate return then it’s no.
Yea we’re separate returns. She doesn’t have an HSA and I’m not sure how we could get the contributions to her account even if she opened one. My assumption was that she couldn’t use the account so I appreciate the thoughts.
You probably can’t direct your employer’s contributions to her HSA, but she can just open up an HSA and put money in it. HSAs are basically the best retirement vehicle there is, so you should be maxing them out before you put anything in an IRA/401(k).
Would she still be eligible for it with me being the insurance policy holder?
Putting the finishing touches on my tax return, I am once again amazed how ludicrously complicated some of this stuff is. Instead of requiring people to complete a multi-page worksheet to make sure they don’t get too much childcare credit, the tax code should focus on eliminating the many BS provisions that the truly wealthy use to avoid taxes.
THAT’S SOCIALISM!
This should be OK and you should be able to contribute up to the family max vs. the individual max
ETA thought you might want to register her as a domestic partner to cover all bases
Filed my taxes today. TurboTax is so wonky. When I first tried to file them it said it couldn’t file because the software needed to be updated. But when I clicked to search for updates, it said no updates available. Ended up having to install it on a different computer and import my tax file in progress. Filed successfully after the new install.